Law:

Section:

Keywords: Modification, Trading, Arbitrator, Goods, Shipping Documents, Proceedings, Obligation, Costs, Parties, Irrevocable Letter Of Credit, Agreement To Sell, Period, Procedure, Impugned Judgment, Profits, Enhancement, Payment, Credit Agreement, Import Of Goods, Binding, Question Of Fact, Re-Assessment, Disclose, Retirement, Conditions, Letter Of Credit, Provisions, Loan, Acceptance, Receipt, Exercise Of Powers, Levy, Contract, Arbitration, Registered, Notification, Delivery, Expenses, Error Of Law, Patent, Arbitration Clause, Defence, Set Aside, Orders, Manufacture, Exports, Dispute, Order, Place, Government, Production, Consideration, Terms And Conditions, Commission, Intimation, Licences, Customs, Inter Alia, Bonus Result: Appeal dismissed JUDGMENT ZAFFAR HUSSAIN MIRZA, J.-These two Letters Patent Appeals, namely, L. P. A. No. 28 of 1971 and L. P. A. No. 29 of 1971 arise out of a common judgment dated 20th January 1971 by the learned Single Judge sitting on the original side whereby the awards made in the two cases were set aside and the cases were remitted to the Umpire for re-assessment of the price of the goods in accordance with the principles laid down. 2. Briefly the facts which are not in dispute are that the appellants are registered industrial consumers of Steel Strips which are used by them for manufacture of G. I. Pipes. Under the Import Policy promulgated by the Central Government vide Gazette of Pakistan, dated 10th July, 1967, Steel Strips were included in the list of items on licensable list and according to Paragraph 26 of its Policy industries detailed in List-I of Annexure II were made eligible to receive licences for items on the licens able list according to the basis to be announced by the Regional Control lers. The appellants in both appeals being industries of the type included in List-1 attached to the Policy became eligible to receive licences on the basis announced by the Regional Controller. Para. 9 of this Policy related to import under loan/credits and it was provided that such import will be subject to the conditions and formalities specified in Annexure III to the Policy and to further details which will be notified as and…

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